Cryptocurrency

Cryptocurrency prices today plunge as Bitcoin, Ether are in red

Business Crypto Finance Technology

Bitcoin prices dropped below $36,000 after the Federal Reserve kept its interest rate near zero, intending to raise it to combat inflation. At 35,940, the world’s largest cryptocurrency was down more than 5%. Bitcoin is still well over the $33,000 mark it broke on Monday, more than 50% below its November high.

According to CoinDesk, Ether, the second-largest cryptocurrency and a token linked to the Ethereum network, has dropped more than 4% to $2,393. At $364, Binance Coin was also down over 5%.

Avalanche fell 7.28 percent to Rs 5,098.87, while Cardano fell 0.41 percent to Rs 84.25. Over the last 24 hours, Polkadot fell 5.89 percent to Rs 1,428.5 and Litecoin down 2.92 percent to Rs 8,499.98. Tether is now trading at Rs 80.89, down 0.17 percent.

Dogecoin SHIB fell 2.22 percent to Rs 11.46, while Memecoin SHIB fell 2.86 percent. Terra (LUNA) is now trading at Rs 4,600, down 7.64 percent. After the US Federal Reserve published a statement on January 26 regarding reducing the size of its balance sheet, a relief rally in crypto that saw bitcoin trade near $39,000 was short-lived, as the largest cryptocurrency by market capitalization slipped back below $37,000.